D.C. Pledges an Additional $10 million to Preserve Affordable Housing in the City

The Washington, D.C. City Council has approved a new $10 million public-private fund for FY 2018 to preserve affordable housing in the District. This preservation fund, established by the D.C. Department of Housing and Community Development (DHCD), is part of an ongoing effort by Mayor Muriel Bowser’s administration to preserve the city’s limited stock of affordable housing. Between 2006 and 2014, DHCD reports that the city lost at least 1,000 units of subsidized housing, and the D.C. Preservation Network reports that another 1,750 units are at risk of losing their affordability. Additionally, 13,700 units in D.C. have subsidies that will expire in 2020, putting thousands of families at risk if the affordability of these units is not preserved. Efforts to preserve and rehabilitate the city’s existing affordable housing stock – including the D.C. City Council’s decision earlier this year to dedicate $100 million in taxpayer dollars to the District’s Housing Production Trust Fund – are critical as the city continues to face vast and growing affordable housing needs.